Tag Archives: Lawrence Yun

Reversing the trend of just one month ago, pending sales of U.S. homes rose 7.5% in October as consumers regained their financial footing to lock in rates before an anticipated rise.

Despite mounting affordability challenges, existing-home sales continued to push upward, rising a slight 0.8% over September’s totals.

Despite lingering supply issues, housing permits increased to an annual pace of 1.65 million in October, a positive sign for home builders to close out the year.

An increasing number of buyers are bypassing the continued struggle between short supply and high prices, and seeking homes at auctions.

A combination of increased inventory and rising rates will play a role in weakening the housing market over the next 12 months.

Month-over-month, contract signings fell 2.3% in September from August, and slid 8% year-over-year, as NAR reports nominal house price growth has been outpacing house-buying power with rates on the rise.

Buyers may be returning to the market, but millennials and other first-time buyers continue to grapple with still-record-high prices.

The industry faces continued inventory shortages, rising home costs, and delays, and the answer to the problem may rest in distressed housing, according to author Nathan Cron.

NAR reports that, year-over-year, median home prices rose 17.8% in July, pricing many prospective buyers out of the market.

Affordability remains a factor in the decision-making of home shoppers nationwide who would rather sit on the sidelines before committing to an overpriced market short on inventory.